HALF YEAR RESULTS TO 31 DECEMBER 2014

RNS Number : 2850F

Capital Lease Aviation PLC

19 February 2015

 

Capital Lease Aviation Plc

("CLA" or "the Company")

HALF YEAR RESULTS TO 31 DECEMBER 2014

and Interim Management Report

19 February 2015

Capital Lease Aviation Plc (LSE: CLA), the aircraft leasing company, today announces unaudited financial statements for the Company and its subsidiaries for the six month period ended 31 December 2014.

Highlights:

·     CLA Group total assets of US$94,136,241;

·     Revenue of US$5,946,667;

·     Group Net post-tax profits of US$1,047,113;

·     Net assets of US$47,713,273;

·     EPS (fully diluted) of 1.08 cents.

The results for the Group's half year ended 31 December 2014 (pursuant to International Financial Reporting Standards "IFRS") and reported in United States Dollars "US$" are as follows:

Consolidated 6 months ended 31 Dec 2014	US$	GBP Equivalent (1)
Revenue	5,946,667	3,657,795
Group Net post tax profits	1,047,113	644,079
Total assets	94,136,241	60,595,498
Net Assets	47,713,273	30,713,034
EPS (fully diluted)	1.08 cents	0.66 pence

Jeff Chatfield, Executive Chairman, said, "The Company has continued to grow net assets and restructure debt facilities. These achievements provide both short and long term financial support for the company strategy and increased shareholder value."

Notes: For the convenience of international shareholders, an additional column is included to show an equivalent value in Pounds Sterling "GBP".

1. In this announcement, the applicable exchange rate between US$ and GBP was taken to be the average exchange rate of 1: 0.6151 for Income Statement items and 1: 0.6437 for Statement of Financial Position items.

Directors' Review of Operations and Strategy

and Interim Management Report

Strategy, Background and Outcome

The strategic targets for management over the past six months were to strengthen our financial position, confirm the long term sustainable business model, remain profitable, actively assess aircraft and pursue new aircraft acquisitions.

Profit was in excess of US$1.0m generating earnings per share of 1.08 cents. The financial position of the group remains strong and it has been able to maintain a strong current asset position at the end of the period.

Key achievements in the period included:

-    Refinancing of two A321-200s with a major European Bank;

-    Lowering the cost of debt for the two aircraft from 6.23% to 4.22%

-    Repayment of US$ 4.5m of junior debt on 31 December;

-    Restructuring of the senior and junior loans has reduced the average cost of debt from 6.42% to 4.59%

Outlook and Risks

The outlook for CLA is positive with future periods expected to benefit from the recently reduced cost of capital. The Board remains optimistic and will continue to evaluate opportunities to grow the company.

CLA remains subject to the typical risks of the aircraft leasing industry along with the risks associated with obtaining finance, residual value risk and impairment in aircraft assets.

I would like to take this opportunity to thank all the shareholders for their continued support.

Jeff Chatfield

Executive Chairman

18 Feb 2015

Enquiries:

Capital Lease Aviation PLC                                                           
Jeff Chatfield, Executive Chairman                                                    [phone]

Nominated Adviser
James Joyce, W H Ireland                                                              [phone]

Company Stockbroker

W H Ireland                                                                                     [phone]

Blytheweigh

Tim Blythe / Alex Shilov / Andrea Benton                                       [phone]

www.cl-aviation.com 

CAPITAL LEASE AVIATION PLC

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD 1 JULY 2014 TO 31 DECEMBER 2014

		31 December 2014	31 December 2013
		US$	US$
Continuing operations
Revenue		5,946,667	6,150,000
Other income		68,092	5,527
Other operating expenses		(2,378,274)	(2,248,226)
Expenses
- Administrative expenses		(1,141,067)	(1,065,547)
- Finance expense		(1,334,113)	(1,535,427)
Profit before taxation		1,161,305	1,306,327
Taxation		(114,192)	(77,409)
Profit for the financial year		1,047,113	1,228,918
Other comprehensive income:
Items that may be reclassified to profit or loss:
Foreign currency translation loss		(12,600)	(49)
Other comprehensive income, net of tax		(12,600)	(49)
Total comprehensive income for the financial year, all attributable to equity holders of the Company		1,034,513	1,228,869
Earnings per share - continuing and total operations
- Basic		1.08 cents	1.26 cents
- Fully diluted		1.08 cents	1.26 cents

CAPITAL LEASE AVIATION PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2014

			31 December 2014	31 December 2013
			US$	US$
ASSETS
Current assets
Cash and cash equivalents			3,137,818	5,994,980
Trade and other receivables			11,107,958	1,016,855
Inventories			2,840,000	-
Total current assets			17,085,776	7,011,835
Non-current assets
Property, plant and equipment			77,050,465	89,013,410
Total non-current assets			77,050,465	89,013,410
Total assets			94,136,241	96,025,245
EQUITY AND LIABILITIES
Current liabilities
Trade and other payables			1,139,934	2,602,772
Provision for taxation			19,392	65,603
Loans and borrowings			6,069,628	11,715,805
Total current liabilities			7,228,954	14,384,180
Non-current liabilities
Loans and borrowings			37,657,733	33,837,703
Deferred tax liabilities			1,536,281	1,505,835
Total non-current liabilities			39,194,014	35,343,538
Capital and reserves
Share capital			196,393	196,393
Treasury shares			(631,191)	-
Share premium			21,696,406	21,696,406
Asset revaluation reserve			3,839,923	3,839,923
Foreign currency translation reserve			(10,959)	(453)
Retained earnings			22,622,701	20,565,258
Net equity			47,713,273	46,297,527
Total equity and liabilities			94,136,241	96,025,245

CAPITAL LEASE AVIATION PLC

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE PERIOD 1 JULY 2014 TO 31 DECEMBER 2014

		31 December 2014	31 December 2013
		US$	US$
Cash flows from operating activities
Profit before taxation		1,161,305	1,306,327
Adjustments for:
Depreciation expense		2,377,909	2,241,570
Interest expense		1,331,113	1,535,427
Interest income		(64,020)	(5,527)
Operating cash flows before changes in working capital		4,806,307	5,077,797
Movements on:
Trade and other receivables		(7,151,658)	(318,003)
Trade and other payables		(911,027)	811,276
Cash flows from operations		(3,256,378)	5,571,070
Interest paid		(1,273,207)	(1,395,152)
Interest received		64,020	5,527
Corporation tax paid		(59,820)	(31,416)
Net cash flows (used in) from operating activities		(4,525,385)	4,150,029
Investing activity
Purchase of property, plant and equipment		(59,749)	(2,004)
Net cash flows used in investing activity		(59,749)	(2,004)
Financing activities
Purchase of treasury shares		(383,763)	-
Proceeds from loans and borrowings		10,098,941	-
Repayment of loans and borrowings		(8,102,105)	(3,870,009)
Cash flows from/(used in) financing activities		1,613,073	(3,870,009)
Effects of exchange rates on cash and cash equivalents		(12,600)	(49)
Net (decrease) increase in cash and cash equivalents		(2,984,661)	277,967
Cash and cash equivalents at the beginning of the financial period		6,122,479	5,717,013
Cash and cash equivalents at the end of the financial period		3,137,818	5,994,980

Approved by the board of Capital Lease Aviation PLC on 18th February 2015.

The above financial information has been extracted from the management accounts and has not been audited.

These interim statements have been prepared on a basis consistent with International Financial Reporting Standards (IFRS) except that IAS34 "Interim Financial Reporting" which is not mandatory for AIM companies, has not been adopted in the preparation of this statement.

 

END

 

 

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